Minneslate Logo

HF2035 (Legislative Session 94 (2025-2026))

Tax increment financing; special rules proposed for the city of St. Paul.

Related bill: SF2407

AI Generated Summary

Purpose of the Bill

The bill aims to modify the tax increment financing (TIF) rules specifically for the Ford Site Redevelopment TIF District in the city of St. Paul, Minnesota. It seeks to provide special provisions to extend the financial timeline associated with the redevelopment effort.

Main Provisions

  • Waiver of Increment: The bill allows the city of St. Paul's Housing and Redevelopment Authority to waive the receipt of tax increment for the Ford Site Redevelopment TIF District for the first four years or until taxes payable in 2023, whichever comes first.

  • Certification Date Adjustment: If the city opts to waive the increment, the official certification date of the TIF district for legal and financial purposes will be adjusted. It will be considered as January 2 of the year when the first waived increment is received.

  • Extended Timeframes:

    • Extends the usual five-year period under existing statutes to ten years. This period relates to specific conditions for the use and generation of tax increments within the district.
    • Extends the period related to the use of increment funds after the initial five-year period from six years to eleven years.

Significant Changes to Existing Law

The bill amends the previous legislation (Laws 2017 First Special Session, chapter 1, article 6, section 22) by providing the above modifications specific to the Ford Site Redevelopment TIF District. It changes the fixed timelines typically associated with TIF districts by effectively extending the lifecycle of the financial benefits and obligations related to tax increments.

Relevant Terms

  • Tax increment financing (TIF)
  • Ford Site Redevelopment
  • St. Paul
  • Waiver of increment
  • Certification date
  • Housing and Redevelopment Authority

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 09, 2025HouseFloorActionIntroduction and first reading, referred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "Allows the city of St. Paul to waive receipt of increments for specific years."
      ],
      "removed": [],
      "summary": "This bill pertains to the special rules for the city of St. Paul regarding the Ford Site Redevelopment TIF District modifying section 469.176.",
      "modified": [
        "Changes the computation of duration limits and the certification date under section 469.176 when waiving increments."
      ]
    },
    "citation": "469.176"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Modifications to the time periods governing the use of increment for the Ford Site Redevelopment Tax Increment Financing District under section 469.1763.",
      "modified": [
        "Extends the five-year period to ten years and the subsequent period to use increment after five years to eleven years."
      ]
    },
    "citation": "469.1763"
  }
]

Sponsors